Causes And Consequences Of Bribery

by | Sep 10, 2021 | Assignment | 0 comments

Essay on Causes And Consequences Of Bribery In International Business. Paper must be at least 500 words. Earlier regulations against corruption focused on companies in China only. Foreign companies often had to pay for getting licenses, indulge in the black market, evade customs, pay for foreign trips of officials, payments of their kids’ foreign education, or form cartels to overcome the system. The loose implementation of FCPA made it easier for US companies to indulge in corruption practices.&nbsp.The “Criminal Law of the PRC” covers acts of bribery of state officials and employees of state-owned enterprises. The “Law Against Unfair Competition of the PRC” stops companies from giving money or property to customers.&nbsp.The presence of grey areas such as the issue of gifts below the monetary value of $600 makes it less effective. The laws are framed in such a way that any kinds of gifts to anybody can be interpreted by manipulation of the law.&nbsp.To control corruption practices, the US Company while starting its business in China, should modify its policies and procedures to suit the culture of the country, along with continuous training and reminding of the rules.&nbsp.The comments by the US Foreign Services Agent highlight the shortcomings in the existing law and the inclination of agents towards helping US companies in corruption matters to provide them a level playing ground field with other country’s companies.&nbsp.1. The different types of bribes, payments or favors are payments for licenses to import and export, payment for foreign trips of Chinese officials, payment for the foreign apartment, foreign education of kids, payments to sell or purchase goods, payments to state officials in return of some favors, payments to evade customs.&nbsp.6. The comments by the former US Foreign Service Agent highlight the flaws in the legal system, and unethical behavior of the agents. It is unethical as well as illegal to assist business by providing them the best corruption practices.&nbsp.

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